Funding secured for new Canary Wharf offices

Canary Wharf Group secures £190m for new commercial development

Article posted: 02 Jan 2012

Canary Wharf Group plc has secured a £190m development and investment loan facility for the development of new office space in Canary Wharf at 25 Churchill Place.

The facility was secured from a syndicate of banks consisting of Barclays Bank PLC, Deutsche Pfandbriefbank AG, Lloyds TSB and The Royal Bank of Scotland PLC; with Barclays also acting as coordinator, agent and security trustee.

The commercial development totalling 500,000 sq ft of office space in the Docklands will add to the Group’s extensive property portfolio, with 250,000 sq ft of the scheme pre-let to the European Medicines Agency.  The 23-storey tower is set to be constructed by the end of 2014.

Canary Wharf Group plc is an integrated property development, investment and management group of companies. In the last two decades it has developed more top-quality office space in London than any other company, helping to position the capital as one of the best places in the world to locate a business.

Peter Anderson, Managing Director, Finance, Canary Wharf Group said: "We are delighted to have concluded this facility in the current difficult financial market. It shows that with a good consortium of lenders and the right project it is still possible to raise significant construction funding. We can now start construction in early 2012 knowing we have secured all the necessary finance."

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Posted by Sam